Bond Connect Flash Report - November 2025
Highlights of the Month
© 2025 Bond Connect Company Limited. All rights reserved.
Disclaimer:
The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events. **
- Northbound Bond Connect: The monthly trading volume was RMB 667.8 billion in November, and the monthly average daily turnover stood at RMB 33.4 billion. Chinese government bond and Policy financial bond were the most popular bond types, accounting for 46% and 43% of the trading volume respectively.
- Northbound Swap Connect: 712 transactions were traded in November 2025, with volume of RMB 384.605 billion. By the end of November, 86 overseas institutions were onboarded under Northbound Swap Connect.
- ePrime Issuance Service successfully facilitated 8 issuances with total issue size of RMB 12.532 billion equivalent in November including China Development Bank Hong Kong Branch’s successful dual-tranche 3 and 5 year offshore RMB Belt and Road Themed bond issuance totaling 4 billion on 26 November, 2025. Participating underwriters of this month, listed in alphabetical order, included China Industrial Securities International, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, and Huatai International.
- On 6 November, BCCL, Orient Securities Company Limited and Tradeweb Europe Limited jointly organized a seminar in Singapore titled A Renewed Look at China Fixed Income Accessibility and Attractiveness. The event brought together local institutional investors to exchange views on China's macroeconomy, recent investment trends and market access opportunities enabled by connectivity programs such as Bond Connect and Swap Connect.
- On 19 November, BCCL hosted the 2025 ePrime networking event, gathering market participants and facilitators of the offshore bond market to highlight the achievements of the ePrime platform in 2025, and discuss the outlook for the primary bond market.
- PMIP disclosed the pre- and post-issuance information of 80 primary bonds in November.
© 2025 Bond Connect Company Limited. All rights reserved.
Disclaimer:
The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events. **